Share Name Share Symbol Market Type Share ISIN Share Description
The Local Shopping Reit Plc LSE:LSR London Ordinary Share GB00B1VS7G47 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 31.50 31.00 32.00 0.00 0.00 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 0.0 -1.9 -2.3 - 26

The Local Shopping Reit Share Discussion Threads

Showing 3251 to 3273 of 3500 messages
Chat Pages: 140  139  138  137  136  135  134  133  132  131  130  129  Older
DateSubjectAuthorDiscuss
19/3/2019
20:29
Hindsight In answer to your post no. 3269 I assure you that I did not regard THAL's issue of preference shares as being of benefit to me as a small shareholder. I saw it as a gratuitous measure to increase Mr Soukup's control and still do.
varies
19/3/2019
20:28
deepvalue, your excerpt from today's Thalassa annoucement: "THALASSA'S PERFORMANCE SINCE INCEPTION - UP 305% LSR'S PERFORMANCE SINCE INCEPTION - DOWN 79%" Now, in the interests of "Selective Disclosure" what the announcement doesn't say is this (the quote is from the IC, ST): "In terms of the offer being table, it's disingenous for Thalassa's board to talk about how it has trebled its own NAV per share....","That's because the company raised £5.4m in a placing of 4.5m shares at 120p in April 2013, and another placing at £7.24m shares with raised £18.2m at 250p, in November 2013 to boost the issued shared capital to 25m shares..." The article continues, but I'm sure you get the gist. Next time you pick me up on a Chairman of a £14m market cap company pocketing a total of $1.7m in fees in 2 financial years (2017 & 2018), I'll be sure not to bother responding. I don't care for the LSR board either, I was just after, what i believe to be the correct outcome, for the vast majority of LSR shareholders. Best of luck with your investments.
frazboy
19/3/2019
17:06
I notice he's just sold a lump of BYG...No connection to this counter I guess ??Unless he wants to pick up an overhang and play blocking games or get distribution vote over the line.Difficult to see him being able to deal though.
kooba
19/3/2019
16:42
"Why didnt he use BYG shares and bid for LSR?" Why on earth would he? What do they have in common? Why not just let it liquidate?
frazboy
19/3/2019
14:12
with respect @frazboy, do you really think +3.5% for Vetch in LSR (a number that hasnt changed since the IPO) or £0.8m is 'Skin'? NV has £70m in BYG so LSR is a rounding error to him! Why didnt he use BYG shares and bid for LSR? THAL's stake is £5.7m in LSR and DS has £3m in THAL. SO who do you think is more incentivized to make money from there LSR investment?
deepvalue2015
19/3/2019
14:06
Does anyone know if losses have any value still ?, I know they did once but read its a lot harder to transfer them in a shell, etc now
hindsight
19/3/2019
13:47
"The Thalassa Board strongly believes that the Response Circular lacks substance. In particular, it provides no indication of how much money could be returned to LSR Shareholders or, worryingly, how much more of LSR Shareholders' money will be wasted pursuing the LSR Board's uncertain strategy." Easily remedied by LSR. But will they, and if not, why not?
stemis
19/3/2019
13:41
Good post deepvalue - i'll respond to you later, but I do notice that 12 of your 13 posts have been on LSR. However... "Mr Vetch was registered by the FCA as a "CF4 Partner" of Internos from March 5th, 2008 to May 21st 2009 and a "CF30 Customer Advisor" for Internos from March 5th 2008 to November 23rd 2010; both Messrs Short and Vetch were FCA-registered "CF4 Partners" in Lowndes Partners LLP from March 4th, 2008 to January 14th, 2011 and from February 7th, 2007 to January 14th 2011 respectively; and At the time of Big Yellow plc's (a company founded by Mr Vetch) AIM IPO in May 2000, Mr Short was the managing director of PRICOA Property Private Equity Limited, a subsidiary of the Prudential Insurance Company of America, which had an aggregate post-IPO shareholding in Big Yellow valued at £28.2m, including £13.6m of new money invested in the IPO fundraise." I simply couldn't care less what Mr Vetch did prior to 2011 - what I'm concerned about is what Mr Soukup wishes to do going forward. Notably, Mr Vetch has skin in the game, and I'm pretty sure he'll voting against.
frazboy
19/3/2019
13:20
Varies, as you are a Thal shareholder, perhaps you can confirm it was in your interest as it says all shareholders -- With regard to the Thalassa preference shares, the background to their issue has again been fully disclosed and their issue was undertaken by the Thalassa Board in the interests of all Thalassa Shareholders. As has been set out in the Offer Document, should the Offer be successfully concluded the Thalassa Preference Shares will be cancelled.
hindsight
19/3/2019
13:16
@frazboy typical of your selective disclosures. You forgot to mention the following FACTS Mr Soukup waived his director's and consultancy fees in the first three years and until the Thalassa was operating successfully. The most recent compensation received by Mr Soukup included a discretionary bonus, awarded by the Thalassa Board, for the successful sale of WGP reflecting the significant gain made on disposal of this business and the fact that Mr Soukup and his team did all the work... successfully! The WGP transaction was sourced, negotiated and executed by Mr Soukup and the Thalassa Board and whilst Thalassa incurred some external legal fees, the majority of legal work and all commercial negotiations were handled internally with the result that all transaction fees, which the Thalassa Board contends usually run from 5% to 10% or more of a transaction value for this type and size, were minimised. And while we're at it dont forget to mention: Mr Vetch was registered by the FCA as a "CF4 Partner" of Internos from March 5th, 2008 to May 21st 2009 and a "CF30 Customer Advisor" for Internos from March 5th 2008 to November 23rd 2010; both Messrs Short and Vetch were FCA-registered "CF4 Partners" in Lowndes Partners LLP from March 4th, 2008 to January 14th, 2011 and from February 7th, 2007 to January 14th 2011 respectively; and At the time of Big Yellow plc's (a company founded by Mr Vetch) AIM IPO in May 2000, Mr Short was the managing director of PRICOA Property Private Equity Limited, a subsidiary of the Prudential Insurance Company of America, which had an aggregate post-IPO shareholding in Big Yellow valued at £28.2m, including £13.6m of new money invested in the IPO fundraise. THALASSA'S PERFORMANCE SINCE INCEPTION - UP 305% LSR'S PERFORMANCE SINCE INCEPTION - DOWN 79%
deepvalue2015
19/3/2019
12:57
Update from Thalassa just out. This is a cracking excerpt:'LSR BOARD STILL SPENDING SHAREHOLDERS' MONEY AS THOUGH IT GROWS ON TREES'Of dubious credibility from a chap who took home over a million dollars in fees from Thalassa last year. (See the 2018 accounts)I was hoping the announcement would have some factual information - such as the level of acceptances but I didn't come across this - when speed reading
frazboy
19/3/2019
11:21
I am very doubtful that LSR will have distributable net cash much above 31p...but am having to make a reasoned judgement on that using some guesswork...not really how it should be when they are trying to defend against a hostile offer. Makes it rather difficult for shareholders to decide a course of action ! I have raised the lack of clarity on this with LSR advisors and referenced that there is still guidance in the market of low end 33-34.5 range and would not be drawn on current position citing TO panel rules but did reference further disposals had been made and timescales longer and advisor work .all pointing to that estimate being wrong ....I asked for my comments to be passed to board.
kooba
19/3/2019
09:18
I would agree getting THAL shares at the level implied looks attractive, but so does 33p odd of cash. I am surprised at the size of the discount.
gfrae
19/3/2019
09:08
Well I think all shareholders want a way out that gives most value ,many seem to be against THAL as it blocked previous distribution and are fretting over corporate governance, however LSR are not providing any surety on what they will be proposing as a distribution.Many private shareholders have until Friday to make their choice (or not ) down to nominee timeframes.I will be accepting THAL max cash on one holding where I have to decide by end of the week but am expecting to get closer to standard offer terms.I am happy to hold position in THAL at these levels.
kooba
19/3/2019
08:37
Share price seems to suggest that shareholders don't like either option, LSR or THAL .
gfrae
18/3/2019
09:11
Thanks sleepy, for me elephant in the room and what I keep coming back to, is why decide you need to have the preference share voting protection in the first place and is the offering document a legal guarantee it will be removed if the offer was to pass ?
hindsight
18/3/2019
07:57
There were no expenses in the 2018 accounts for Eastleigh court for Thalassa. It’s possible DS sold it along with WGP Or, WGP just pay DS directly, therefore it has no place in the accounts.
frazboy
18/3/2019
06:18
That is still WGPs registered office it seems...obviously didn't put the buyer off paying a full price.The move was made if one looks back as WGP staff had many overseas contracts which involved travel..ie London hub airports not that handy from Cornwall.It was an opportunity to relocate ( £12sq ft? hardly London prices???) the operating subsidiary staff to a more sustainable location. Relative to purchase cost the yield appears modest tbh.Prefer not to see connected party transactions personally but was done at arms length with appropriate independent approval.Move on.
kooba
17/3/2019
23:25
I'm pretty sure the lease on Eastleigh Court went with WGP when it was sold.
stemis
17/3/2019
12:34
From a 2016 Shareprophets article My favourite story, however, is more recent. Duncan bought some properties in Wiltshire, namely Eastleigh Court and Eastleigh Stables, for about £3 million and moved the Thalassa workforce from Cornwall into one of those properties and signed Thalassa up to a 10-year lease at £120,000 per annum. Now that must be some office as there can’t be more than 30 or so employees in Thalassa and the new “office” is in Wiltshire too, not the West End of London. For that price, each employee must have space for an office each. In addition, there was a bit of a delay in telling the market about the deal and also it should be noted that Thalassa lost a few employees in the move from Cornwall; however, I guess that’s merely collateral damage as at least the Chairman has a good tenant to pay his mortgage for him.
sleepy
13/3/2019
11:26
Can see that you are replacing THAL shares sold so understand reasoning but having looked at terms it seems advantageous to be going for all cash as things stand..though realise you might not get filled.Rather thought it might be better to take shares but ratios areThe ratio to be used to determine the amount of cash to be issued in lieu of a Thalassa Holdings Ltd Share has been calculated as follows: For every 14.64p in cash, 0.1796 of a Thalassa Holdings Ltd Share or; for every 0.26 of a Thalassa Holdings Ltd Share, 21.19p in cash. Therefore it has been determined that Shareholders electing for 'Maximum Shares' will be electing to receive approximately 0.4396 of a new Thalassa Holdings Ltd Share for each Local Shopping REIT plc Share held. Shareholders electing for 'Maximum Cash' will be electing to receive 35.83p in cash for each Local Shopping REIT plc Share held.So the all share option would give .4396 THAL per LSR worth 35.168p at current bid price against all cash 35.83p.I might well stay with standard offer as I too have sold some THAL and purchased more LSR including today though my prints are not showing.
kooba
13/3/2019
10:51
I have now accepted the bid with the maximum shares option. This is not out of enthusiasm for Mr Soukup but simply to recover the THAL shares that I sold to cover my investment in LSR. I believe that we now have a long wait for news of the outcome and do not receive our consideration until May.
varies
13/3/2019
08:23
I agree with kooba. As at 30.9.18 NAV/share was 33.6p. This is after making provision for Write down in asset values Accounts --->For properties held at the year-end for which sale contracts had already been exchanged or transactions completed after the year-end, the value was determined as the sale price achieved less sales costs. Accounts --->On a like-for-like basis (excluding the value of properties disposed of during the year), the properties valued by Allsop LLP reduced in value by 20.4%, from £9.8 million to £7.8 million. As far as I can see that means there were only 18 properties left for sale (not under contract) at a value of £4.9m, which should have been heavily written down. By the 12.2.19 update 6 of these had gone (~ £0.9m) for a relatively trivial loss. Other costs Accounts --->A further factor has been the change in the basis of preparation of the Group's accounts for 30 September 2018 from a Going Concern basis to a liquidation basis. This change has required a number of additional provisions, including anticipated expenditure and estimated sales costs for the remaining property portfolio and the write down of non-cash assets such as the capitalised value of rent-free periods, together with the costs of the proposed Members' Voluntary Liquidation. So overall 33p should have been relatively safe. It allows a further 0.6p loss = £500k on the £4m of written down properties left. But how much are they spending on the bid defence and proposed court application? I bought at 27.2p so 33p is fine - 21.4%. However every 1p off (=£825k) is 3.7% lower.
stemis
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